HY 2025 RESULTS
22 July 2025
INTRODUCTION STEFAN BOLLINGER, CEO
Positive momentum with overall improved underlying1 business performance in the core business
CHF 7.9bn
3.2% annualised
More than doubled net new money inflows YoY
CHF 511m
+11% YoY
Higher underlying1 net profit2
68.2%
-3%pt YoY
Better cost efficiency and underlying1 cost/income ratio
15.6% CET1 capital ratio
LCR 303%
Strong balance sheet and capitalisation
Estimated completion in
next few months
Credit review nearing completion
1 In H1 2025 excluding the net credit losses/recoveries YTD amounting to CHF 130m (CHF 103m net of tax), primarily related to selected positions in the mortgage book and the remaining private debt loan book
2 IFRS net profit of CHF 295m, down 35% compared to H1 2024 impacted by sale of Julius Baer Brazil and loan loss allowances as communicated in May IMS
FINANCIAL RESULTS H1 2025* EVIE KOSTAKIS, CFO
*Financial Results are presented on adjusted basis - see "Scope of presentation of financial results" in the Appendix
Market environment
Positive markets - Weaker USD - CHF, EUR rate curves normalising - Volatility spike in April
Stock markets recovered after April decline | Weaker USD Further rate cuts expected
Equity, bond and FX markets in 20251
115
MSCI World3 (+9%)
Interest rate outlook, %2
JB Consensus
Forward rates
USD EUR CHF
110
105
100
95
90
85
Bonds4 (+7%)
S&P 500 (+5%)
SMI (+3%)
EUR/CHF (-1%)
USD/CHF (-13%)
6
12M 2024
5
4.50
4
3
5
4
4.05 3
4.0 2
3.67
1
12M 2024
3.15
2
1
1.89 0
1.79
1.65
-1
12M 2024
0.50
0.0
-0.08
-0.19
80
Jan Feb Mar Apr May Jun
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Rate curves shape normalised for EUR & CHF, but USD still inverted
2024/25 actual forward 2024/25 actual forward 2024/25 actual forward
Stock market volatility back to lower levels after brief spike in April
Overnight - 10Y treasury yield curve, %5
31.12.2024
30.06.2025
CBOE Volatility Index (VIX)1
USD EUR CHF 60
5.0
4.5
4.0
3.5
O/N 3M 1Y 2Y 3Y 5Y 10Y
3.5
3.0
2.5
2.0
1.5
O/N 3M 1Y 2Y 3Y 5Y 10Y
1.0
0.5
0.0
-0.5
O/N 3M 1Y 2Y 3Y 5Y 10Y
50
40
30
20
10
Q1 Q2
2024
April 2nd Avg 2024 (15.6)
Avg 2025 YTD (21.1)
VIX 2025 YTD (-6.7%)
Q3 Q4 Q1 Q2 2025
As of 30.06.2025 (equity and bond markets, foreign exchange markets, interest rate outlook|) 1 Source: Bloomberg│ 2 Source for interest rates and forward rates: Bloomberg; USD: Fed Funds Target Upper Bound; EUR: ECB Main Refinancing Rate; CHF: SNB Policy Rate. Source for Julius Baer outlook: Julius Baer Research; source for forward rate: Bloomberg (Function "Market Implied Policy Rates", 6M) | 3 In USD | 4 Bloomberg Global Aggregate Index in USD
| 5 Source: Bloomberg O/N Deposit rates, USD Treasury Active Curve, European Union Issuance Curve, Switzerland Sovereign Curve
Assets under management AuM -3% YTD to CHF 483bn, monthly average AuM +7% YoY
CHF bn
473.8
497.4
+7.9
+22.5
-37.7
-8.4
+0.8
482.6
YTD development reflects weaker USD and sale of Julius Baer Brazil
AuM currency exposure3
20%
10%
52%
18%
o/w sale of Julius Baer Brazil
CHF -7.9bn
Other
30.06.2024 31.12.2024 Net new
money
Market performance
Currency impacts
Acquisitions/ (divestments)1
Other effects2
30.06.2025
Monthly average AuM CHF 491bn
Up CHF +34bn or +7% from CHF 457bn in H1 2024
Up CHF +14bn or +3% from CHF 477bn in H2 2024
1 Resulting from M&A transactions and discontinuation of certain service offerings | 2 Includes the consequences of policy changes and reclassifications into assets under custody resulting from externally imposed restrictions impacting the Group's service offering | 3 See appendix for breakdown of AuM by asset class and currency
Assets under custody CHF 89bn, -4% YTD Total client assets CHF 572bn, -3% YTD
Net new money Net new money CHF 7.9bn
CHF bn and NNM growth rate
Excl. de/leveraging
NNM more than doubling vs H1 2024
+4.3% +3.2% +1.8% +4.3% +3.1%
+3.3% +2.4% +1.7% +4.4%
10.4
7.1
+3.2%
7.9
Main inflows from strategic key markets
Particularly from Hong Kong, Singapore, India, UK, Germany and Middle East
5.4
3.7
New RMs delivering in line with expectations
Majority of net inflows from RMs on business case
Increasing contribution from seasoned RMs
H1 2023 H2 2023 H1 2024 H2 2024 H1 2025
Excl. de/lever.
Excl. de/lever.
2023+2.9%
+3.8%
12.5bn
16.2bn
2024+3.3%
+3.3%
14.2bn 14.0bn
Limited benefit from leveraging, CHF +0.3bn
Continued de-risking of client book
Relationship managers: 55 new hires onboarded in H1
Net decline (-94) driven by new front operating model, performance management, Brazil divestment
# of RMs
1,380
+55
-43
-7%
-78
-28
1,286
Including low performer management, retirement, natural attrition
Sale of Julius Baer Brazil
31.12.2024 Gross hiring New front operating model & internal transfers
Leavers Divestment 30.06.2025
Adjusted and underlying1 operating income
CHF m
Adjusted
vs
H1 2024
vs
H2 2024
Underlying1 operating income up
+5% YoY
operating income
Underlying operating income1
Net interest income2
Net commission and fee income
Net income from financial instruments measured at FVTPL2
Other ordinary results
Net credit (losses)/recoveries1, 3
1,945 1,916 1,910
2,040807
1,143
72
17
1,093
223
154
1,112
638
644
-2
14
-7 -7
-2% | -0% | |
+5% | +6% | |
-68% | -53% | |
+5% | +3% | |
+27% +25%
Excluding net credit losses of
Further shift from NII to net income from
financial instruments measured at FVTPL
Net commission and fee income: +5% to CHF 1,143m
Recurring income up on higher avg AuM
Increase in client activity benefitting transaction-driven income
Net interest income: -68% to CHF 72m
Interest income: -27%, driven by lower interest rates, mix shift to
CHF loans, reduced treasury portfolio, and private debt wind-down
Interest expense: -18%, driven by lower client deposit rates
Net income from fin. instr. at FVTPL: +27% to CHF 807m
Meaningful increase in treasury swap income following higher
H1 2024
H2 2024
H1 20251
CHF-130m1
volumes and widening spread between US and Swiss interest rates
1 In H1 2025 excluding the net credit losses/recoveries YTD amounting to CHF 130m (CHF 103m net of tax), primarily related to selected positions in the mortgage book and the remaining private debt loan book | 2 H1 2025: Change in booking logic for non-CHF-denominated bonds: CHF +27m NII, CHF -27m net income from fin. instr. at FVTPL, implemented retroactively for H1 2025 in June 2025; no net revenue impact | 3 Net credit (losses)/recoveries on financial assets
Volatility drove initial increase in FX and structured-products related income before tapering off in May-June
Operating income: Alternative split, reflecting key business drivers
795 666464
546 539154
580Net interest
72
378
income
223
507
331
289
323
385
Treasury swap
income 5
H1 2023 H2 2023 H1 2024 H2 2024 H1 2025
Regrouped into recurring income, interest-driven income, activity-driven income
CHF m
Interest-driven income2
Recurring income2
788
795
858
546
802
666
883
539
896
580
Activity-driven
income2
Other income1,3,4
441
6
H1 2023
337
-9
H2 20233
550
-9
H1 2024
487
7
H2 2024
548
550 548 441 487 337315
Other net income
266
259
300
from f.i. at FVTPL
172
175
165
235
228
H1 2023 H2 2023 H1 2024 H2 2024
247
and fee income
H1 2025
Other commission
17
H1 20251
1 In H1 2025 excluding the net credit losses/recoveries YTD amounting to CHF 130m (CHF 103m net of tax), primarily related to selected positions in the mortgage book and the remaining private debt loan book | 2 For definitions and derivations of interest-driven income, recurring income and activity-driven income, please refer to slide 30 | 3 H2 2023 excluding the credit loss allowance related to the single largest exposure in private debt |
4 Other income is the sum of other ordinary results and net credit (losses)/recoveries | 5 Included in net income from financial instruments at FVTPL; based on management accounts
Underlying1 gross margin 83bp
-2bp vs H1 2024, +3bp vs H2 2024 - Driven mainly by changing contributions from activity-driven income
bp
36 3021
2417
243
10
236
Net interest
income
15
13
14
16
21 Treasury swap income5
H1 2023 H2 2023 H1 2024 H2 2024 H1 2025
24 20 20 22 1514
12
11
Other net income
12
from f.i. at FVTPL
8
8
8
10
10
Other commission
10
and fee income
H1 2023 H2 2023 H1 2024 H2 2024 H1 2025
36
36
Interest-driven income2
37
36
36
Recurring income2
20
20
Activity-driven
income2
0
0
Other income1,3,4
8538
30
24
37
37
23
24
37
24
38
24
30
82 80 83
23
37
37
15
24
20
22
15
24
20
22
0
0
0
1
1
0
0
0
H1 2023
H2 20233
H1 2024
H2 2024
H1 20251
1 In H1 2025 excluding the net credit losses/recoveries YTD amounting to CHF 130m (CHF 103m net of tax), primarily related to selected positions in the mortgage book and the remaining private debt loan book; incl. this item the H1 2025 gross margin was 78 bp | 2 For definitions and derivations of interest-driven income, recurring income and activity-driven income, please refer to slide 30 | 3 H2 2023 excluding the credit loss allowance related to the single largest exposure in private debt | 4 Other income is the sum of other ordinary results and net credit (losses)/recoveries | 5 Included in net income from financial instruments at FVTPL; based on management accounts
Adjusted operating expenses
CHF m
vs H1 2024
vs H2 2024
Operating expenses +2% YoY
1,394 1,389 1,426 +2% +3%Underlying1 cost/income ratio improved by
Depreciation/ amortisation
General
114 123
366
118
371
+3% -5%
+1% -7%
3% pt vs H1 2024
expenses
Personnel expenses
913
401
864
937
Excl. provisions and losses
-5% -9%
+3% +8%
Personnel expenses: +3% to CHF 937m
Partly on increases in incentive & performance-related costs, pension-fund-related expenses, and severance payments
General expenses: +1% to CHF 371m
Excl. provisions and losses: -5% to CHF 335m, driven by decreases
Provisions
H1 2024 H2 2024 H1 2025
in external staff spend and consulting & legal fees
and losses (CHF m)
Underlying1adjusted cost/income ratio
Adjusted cost/income ratio
12 32
71.0% 70.8%
36
68.2%
72.8%
Provisions and losses: CHF 36m (H1 2024: CHF 12m)
Depreciation/amortisation : +3% to CHF 118m
Reflecting higher IT-related investments in recent years
Adjusted expense margin (bp)
60 57 57
H1 2025: Approx. breakdown by currency : CHF share down to 53% (H1 2024: 57%)
CHF
53%
SGD
12%
GBP
5%
BRL
1%
EUR
14%
HKD
6%
USD
4%
Others
4%
1 In H1 2025 excluding the net credit losses/recoveries YTD amounting to CHF 130m (CHF 103m net of tax), primarily related to selected positions in the mortgage book and the remaining private debt loan book
Underlying1 cost/income ratio: 68.2% (H1 2024: 71.0%)
Overview cost programmes 2025 and 2026-2028
Gross run-rate savings (actuals and current outlook), CHF m
Delivering on cost programme
Gross run-rate savings of CHF ~110m
implemented in H1 2025
Expected overachievement
130m
identified
1102025
110
20
Strategic cycle 2026-20283
130H1 2025 achievements
CHF 110m cost programme extension (announced in February
2025) fully implemented in H1 …
… with expected full-year overachievement of CHF ~20m …
… resulting in CHF ~130m in gross run-rate savings by end 2025
H1 2025 FY 2025E
2026-2028
Key measures in H1 2025
Simplification of organisational structure
Optimisation of front operating model
Significant reduction of non-personnel spend
Fiscal year savings (gross)1
Cost-to-achieve YTD
~162
~27
~602
~65
2026-2028: Further structural efficiency improvements3
Additional CHF 130m gross run-rate savings
Phased implementation by end 2028
1 Programme savings build-up reflected in financial results | 2 Crystallised P&L impact | 3 As announced in
Strategy Update (3 June 2025)
Cost-to-achieve ~50%
Adjusted and underlying1 net profit
CHF m
RoCET1, adjusted (%) Adjusted pre-tax margin (bp)
46030
24
58734
22
51128
25
Underlying1
vs vs
Underlying1 net profit +11% YoY
Underlying1 RoCET1 28%
5% higher operating income1 and 2% rise in expenses drive 11% improvement in underlying1 net profit to CHF 511m
On underlying1 basis:
PBT: +11% to CHF 614m
Pre-tax margin: +1bp to 25bp
Net profit: +11% to CHF 511m
CHF m
H1 2024
H2 2024
H1 2025
H1 2024
H2 2024
Adjusted operating income
1,945
1,916
2,040
+5%
+6%
RoCET1: 28% (H1 2024: 30%)
EPS: +11% to CHF 2.49
Adjusted operating expenses
1,394
1,389
1,426
+2%
+3%
IFRS net profit: -35% to CHF 295m
Adjusted profit before taxes
551
528
614
+11%
+16%
Adjusted income taxes
91
-59
103
+13%
-273%
Adjusted tax rate (%)2
16.5
-11.2
16.7
+0.2% pt
+28% pt
CHF 99m (no tax effect) net impact from completion of sale of Julius
Adjusted net profit
460
587
511
+11%
-13%
Baer Brazil, as previously announced in 4M IMS
Adjusted EPS attributable to shareholders (CHF)
2.24
2.86
2.49
+11%
-13%
IFRS net profit attributable to shareholders
452
570
295
-35%
-48%
Tax guidance unchanged
Impacted by net credit losses1 CHF 130m (CHF 103m net of tax) and
1 In H1 2025 excluding the net credit losses/recoveries YTD amounting to CHF 130m (CHF 103m net of tax), primarily related to selected positions in the mortgage book and the remaining private debt loan book. IFRS figures have not been recalculated | 2 Results in H2 2024 benefitted from substantial tax release
H1 2025 underlying1 tax rate: 16.7%
Currently expected adj. tax rate for 2025-2027: 18-20%
Highly liquid balance sheet
Loan and deposit growth on FX-neutral basis - CHF call & term deposits shifted to current accounts
CHF bn
(in brackets: figures at 31.12.2024) Assets Liabilities/Equity
Cash and balances at central banks1
Due from banks2
Loans FX-neutral3 43.1
104.7 (105.1)7.5 (8.2)
19.1 (11.3)
Liquid balance sheet 104.7 (105.1)6.9 (7.8)
Due to banks2
Due to customers FX-neutral3 69.8
65.3 (68.7)
Due to customers4 (incl. client deposits)
of which
call & term dep.:
39.3 (45.4)
of which Lombard
of which Mortgages
USD / HKD
9.3 (10.4)
0.0 (0.0)
EUR
7.6 (6.7)
2.0 (2.2)
CHF
11.7 (10.7)
6.2 (6.0)
GBP
1.6 (1.6)
0.3 (0.3)
Others
2.7 (3.7)
0.0 (0.0)
Loans
Loan-to-deposit ratio: 63% (61%)
41.4 (41.6)
Lombard Loans
32.9 (33.1)
Mortgages
8.5 (8.5)
10.0 (14.7)
5.5 (5.3)
8.9 (10.7)
9.7 (10.7)
2.6 (2.6)
Liquidity coverage ratio: 303% (292%)
Due to customers4
of which call & term deposits
USD / HKD
31 (34)
75% (76%)
EUR
14 (14)
69% (72%)
CHF
9 (8)
6% (50%)
GBP
4 (4)
75% (78%)
Others
8 (9)
38% (30%)
Financial assets FVTPL (trading portfolios) Financial assets at amortised cost (treasury book)
Financial assets at FVOCI (treasury book)
Others Goodwill and other intangible assets
Financial liabilities (structured products issued)
11.0 (9.6)
6.7 (6.8)
14.8 (12.2)
Others (incl. AT1 bonds issued) Equity
Figures as at 30.06.2025, summarised and regrouped from Consolidated Financial Statements | 1 Cash held mainly at Swiss National Bank as well as at Deutsche Bundesbank, Banque centrale du Luxembourg and Banque de France
| 2 Incl. receivables/payables from securities financing transactions | 3 30.06.2025 loans and deposits calculated with 31.12.2024 FX-rates | 4 Incl. precious metal accounts and pension fund accounts
CET1 capital ratio1
CHF bn CET1
CET1 capital ratio strengthened to 15.6%2
3.3
RWA
20.0
3.6
25.2
3.7
16.8% excl. US DOJ settlement from OpRisk
24.03
Switzerland: Basel 3 Final fully implemented
CET1 capital ratio strengthened from end 20242
16.3
Incl. 350 bp impact from B3F
14.2%
+1.2%
+0.4%
+0.1%
+0.7%
15.6%
Net profit generation and continued pull-to-par benefit
Overall decrease in RWA mainly driven by credit and market risks
5.3%
2.7%
8.3%
3.2%
2.7%
8.3%
-1.1%
Buy-back threshold ~14.0%4
Group floor 11.0%
Regulatory minimum 8.3%
4.6%
2.7%
8.3%
CET1 capital ratio at 16.8% on a look-through basis
B3F: ~120bp impact (RWA of CHF 1.7bn) from 2015 US DOJ settlement will be eliminated at end 2025
Risk density guidance unchanged
At 30.06.2025: 23%
Currently expected range for 2025-2028: 22-24%
30.06.2024
31.12.2024
IFRS net
Dividend
OCI
Other
Change
30.06.2025
Basel 3
Pro-forma
profit
accrual
pull-to-par
changes
in RWA
Basel 3 Final
Actual
Basel 3 Final
in CET1
1 For more details see RWA, capital and liquidity ratios slide in Appendix | 2 vs pro-forma Basel 3 Final CET1 capital ratio of 14.2% at 31.12.2024 | 3 Includes CHF 1.7bn RWA related to the US case that will be eliminated at end 2025 | 4 Distribution via share buy-back programme to be considered following appropriate regulatory approvals from FINMA
Capital distribution
Future share buybacks subject to regulatory approvals
Tier 1 leverage ratio
CHF bn Tier 1
Tier 1 leverage ratio at 4.9%
Well above regulatory minimum of 3.0%
Incl. CHF 1.1bn impact from B3F
5.2
5.3
5.3
Leverage
exposure 103.0
2.0%
5.0%
108.2 1
1.9%
4.9%
+0.3%
-0.2%
+0.1% +0.0%
-0.1%
0.0%
107.3
1.9%
4.9%
Tier 1 capital largely unchanged as CHF 350m AT1 call in June was pre-funded by USD 400m AT1 issuance in February
Leverage exposure -1%, essentially in line with balance sheet evolution
Regulatory minimum 3.0%
3.0%
3.0%
3%
30.06.2024 31.12.2024
IFRS net
Dividend
OCI pull-
Other
Changes
Change in
30.06.2025
Basel 3 Actual
Pro-forma Basel 3 Final
profit
accrual
to-par
changes in CET1
in AT1
leverage exposure
Basel 3 Final
CHF bn
30.06.2025
Basel 3 Final
31.12.2024
Basel 3 Final
(Pro-forma)
30.06.2024
Basel 3 Actual
vs 31.12.2024
CET1 capital
3.7
3.6
3.3
+0.2
Additional Tier 1 bonds
1.5
1.7
1.9
-0.1
Tier 1 capital
5.3
5.3
5.2
+0.0
Leverage exposure
107.3
108.2
103.0
-0.9
Tier 1 leverage ratio (%)
4.9
4.9
5.0
+0.1% pt
1 Delta of CHF 1.3bn vs previously disclosed leverage exposure for 31.12.2024 under Pro-forma Basel 3 Final after go-live in 2025; 2024 Basel 3 Actual leverage exposure unchanged
OUTLOOK STEFAN BOLLINGER, CEO
Financial targets 2026-2028
Key input factors Financial targets 2026-2028
4-5%by 2028
3.2%
H1 2025
Net new money growth
USD/CHF 0.80
EUR/CHF 0.94
Adj. gross margin ~80bp,
<67%by 2028
72.8%
68.2%
H1 2025
H1 2025
underlying3
Adjusted
cost/income ratio
o/w 37-39bp recurring income margin
AuM performance1 ~2% p.a.
Credit penetration stable2
Adjusted RoCET1
H1 2025
H1 2025
underlying3
22%
28%
>30%42026-2028 cycle
Note: Assuming no major deterioration in markets
1 Market performance plus currency impacts | 2 Based on end 2024 level | 3 In H1 2025 excluding the net credit losses/recoveries YTD amounting to CHF 130m (CHF 103m net of tax), primarily related to selected positions in the mortgage book and the remaining private debt loan book | 4 Assuming a constant 14% CET1 capital ratio
Q&A
Stefan Bollinger, CEO
Evie Kostakis, CFO
APPENDIX
Scope of presentation of financial results
As in previous years, financial results and analysis are presented on an adjusted basis
Adjusted: excluding from the IFRS financial results the impact on operating income (new since 1 January 2025) or on operating expenses related to acquisitions or divestments of businesses or participations (i.e. M&A transactions) as well as the taxes on those respective items
In order to ensure meaningful comparability of the underlying business performance, "underlying" figures presented on certain slides refer to pro forma P&L figures and related KPIs in H1 2025 excluding the net credit losses/recoveries YTD amounting to CHF 130m (CHF 103m net of tax), primarily related to selected positions in the mortgage book and the remaining private debt loan book and in H2 2023 excluding the CHF 586m (CHF 475m net of tax) increase in credit loss allowance related to the single largest exposure in private debt, with no adjustment to the balance sheet
Please refer to the Julius Baer Group Ltd. Half-Year Report 20251for the IFRS results
A reconciliation from the IFRS results to the adjusted results is outlined in the Appendix
A more detailed explanation of the adjustments, a definition of (non-IFRS) Alternative Performance Measures, as well as a more comprehensive reconciliation from the adjusted results to the most directly reconcilable IFRS line items, are provided in the Alternative Performance Measures section of the Half-Year Report 20251
1 Available from https://www.juliusbaer.com
APMs and other definitions used in presentation (1/2)
Definitions
Adjusted cost/income ratio Adjusted operating expenses excluding adjusted provisions and losses, divided by adjusted operating income.
Adjusted gross margin Adjusted operating income divided by monthly average assets under management.1
Adjusted expense margin Adjusted operating expenses, excluding adjusted provisions and losses, divided by monthly average assets under management.1
Adjusted pre-tax margin Adjusted profit before taxes divided by monthly average assets under management.1
Adjusted earnings per share (EPS) attributable to shareholders of Julius Baer Group Ltd.
Adjusted net profit attributable to shareholders of Julius Baer Group Ltd., divided by the weighted average number of shares outstanding for diluted earnings per share.
Return on tangible equity (RoTE) Adjusted net profit attributable to shareholders of Julius Baer Group Ltd., divided by (half-yearly) average of shareholders' equity less goodwill and other intangible assets.1
Return on common equity tier 1 (RoCET1) Adjusted net profit attributable to shareholders of Julius Baer Group Ltd., divided by the (half-yearly) average CET1 capital.1
Loan-to-deposit ratio The balance sheet loans position divided by the balance sheet due to customer's position.
Dividend pay-out ratio Total dividend distribution amount divided by adjusted net profit attributable to shareholders of Julius Baer Group Ltd.
Total shareholder return The change in a company's share price over a period plus any dividends paid by the company in this period, divided by the company's share price
at the start of the period.
1If the reported period is not a full year (e.g. a half year), the result will be made comparable to a full year equivalent (annualisation)
APMs and other definitions used in presentation (2/2)
Definitions
Assets under management (AuM)
All bankable assets managed by or deposited with the Group for investment purposes. Assets included are portfolios of wealth management clients for which the Group provides discretionary or advisory asset management services. Assets under management take into account client deposits as well as market values of securities, precious metals, and fiduciary investments placed at third-party institutions.
Assets with discretionary mandate Assets for which the investment decisions are made by the Group, and include assets deposited with the Group as well as assets deposited with a third-party institution.
Other assets under management Assets for which the investment decision is made by the client itself.
Assets under custody (AuC) Assets held for transactional, safekeeping, custody or administrative purposes and for which additional services, for example analysis and reporting or securities lending and borrowing, are provided.
Client assets Aggregate of assets under management and assets under custody.
Assets in collective investment schemes managed by the Group Investment products and solutions developed by the Group and for which the Group provides services on an ongoing basis.
Double counting assets under management
Net new money (NNM)
When assets under management are subject to more than one level of asset management services, double counting arises within the total assets under management. Each such separate discretionary or advisory service provides additional benefits to the respective client and generates additional revenue to the Group.
In- or outflows attributable to new clients, departed clients and existing clients, calculated by the direct method, which is based on individual client transactions. New or repaid loans to clients and related interest expenses result in net new money flows. Interest and dividend income from assets under management, market performance and currency impacts as well as fees and commissions are not included in the net new money result.
Generally, reclassifications between assets under management and assets under custody result in corresponding net new money in- or outflows.
Net new money growth rate Net new money as a percentage of assets under management at the end of the previous period.1
Market performance Market performance is determined through the change in AuM that remains after accounting for net new money, currency impacts, acquisitions/(divestments) and other effects (if any).
Currency impacts Currency impacts is determined by applying the changes in the currency exchange rates in the period to AuM at the end of the preceding year.
Other income Other income is the total of income statement items "other ordinary results" and "net credit (losses)/recoveries on financial assets".
Other commission and fee income Income statement item "brokerage commissions and income from securities underwriting" minus income statement item "commission expense".
Recurring income Total of income statement items "advisory and management fees" and "commission and fee income on other services".
1If the reported period is not a full year (e.g. a half year), the result will be made comparable to a full year equivalent (annualisation)
Reconciliation consolidated income statement (1/2)
Adjusted net profit attributable to JB shareholders
CHF m
Further details on acquisition-related amortisation and impairment of customer relationships:
H1 2025
IFRS results
H1 2025
M&A-related adjustments
H1 2025
Adjusted results 1
H1 2025
Credit losses re selected positions
H1 2025
Underlying results
Operating income | 1,810.2 | 100.1 | 1,910.3 | 129.9 | 2,040.2 |
of which other ordinary results 2 | -82.9 | 100.1 | 17.2 | ||
Personnel expenses | 940.4 | -3.0 | 937.5 | ||
General expenses | 378.4 | -7.2 | 371.2 | ||
of which provisions and losses | 36.0 | - | 36.0 | ||
Depreciation of property and equipment | 48.1 | - | 48.1 | ||
Amortisation and impairment of intangible assets | 73.1 | -3.4 | 69.7 | ||
of which customer relationships | 1.9 | -1.9 | - | ||
Operating expenses | 1,440.0 | -13.6 | 1,426.5 | ||
Profit before taxes | 370.2 | 113.6 | 483.8 | 129.9 | 613.8 |
Income taxes | 74.9 | 1.2 | 76.0 | 26.6 | 102.6 |
Net profit | 295.3 | 112.5 | 407.8 | 103.4 | 511.2 |
Commerzbank CHF 1.7m in 2024 and CHF 0.8m in 2025
Luxembourg: (ended June 2025)
Net profit attributable to:
Shareholders of Julius Baer Group Ltd.
295.3
112.5
407.8
103.4
511.2
Non-controlling interests
0.0
-
0.0
-
0.0
EPS attributable to shareholders of Julius Baer Group Ltd. (CHF)
2.49
0.50
1.98
0.55
1.44
H1 2025
CHF m
Leumi: CHF 1.0m in 2024 and CHF 0.2m in 2025 (ended February 2025)
Reliance: BRL 12.9m in 2024 and BRL 3.2m in 2025
(ended March 2025)
KM&P: CHF 0.8m p.a. until 2025 (ending
December 2025)
IFRS amortisation and impairment of customer relationships | 1.9 |
of which | |
IWM | 0.0 |
Commerzbank Luxembourg | 0.8 |
Leumi | 0.2 |
Reliance | 0.5 |
KM&P | 0.4 |
1 Adjusted results are derived by excluding from the IFRS financial results the impact on operating income (new since 1 January 2025) or on operating expenses related to acquisitions or divestments of businesses or participations
(i.e. M&A transactions) as well as the taxes on those respective items | 2 Adjustment primarily in relation to the net impact on operating income of the sale of Julius Baer Brazil
Reconciliation consolidated income statement (2/2)
Adjusted net profit attributable to JB shareholders
H1 2024 | H1 2024 | H1 2024 | H2 2024 | H2 2024 | H2 2024 | |
CHF m | IFRS results | M&A-related adjustments | Adjusted results | IFRS results | M&A-related adjustments | Adjusted results |
Operating income | 1,944.5 | - | 1,944.5 | 1,916.3 | - | 1,916.3 |
of which other ordinary results | -1.8 | - | -1.8 | 13.8 | - | 13.8 |
Personnel expenses | 914.4 | -1.1 | 913.2 | 874.7 | -10.4 | 864.3 |
General expenses | 369.7 | -3.6 | 366.0 | 403.1 | -2.1 | 401.0 |
of which provisions and losses | 12.4 | - | 12.4 | 31.6 | - | 31.6 |
Depreciation of property and equipment | 49.1 | -0.5 | 48.6 | 51.1 | 0.0 | 51.1 |
Amortisation and impairment of intangible assets | 69.3 | -3.5 | 65.9 | 75.3 | -2.9 | 72.4 |
of which customer relationships | 3.5 | -3.5 | - | 2.9 | -2.9 | - |
Operating expenses | 1,402.5 | -8.8 | 1,393.7 | 1,404.2 | -15.5 | 1,388.7 |
Profit before taxes | 542.0 | 8.8 | 550.8 | 512.1 | 15.5 | 527.6 |
Income taxes | 90.0 | 1.0 | 91.1 | -58.2 | -1.2 | -59.3 |
Net profit | 452.0 | 7.8 | 459.7 | 570.3 | 16.6 | 586.9 |
Net profit attributable to: | ||||||
Shareholders of Julius Baer Group Ltd. | 452.0 | 7.7 | 459.7 | 570.2 | 16.6 | 586.8 |
Non-controlling interests | -0.0 | 0.0 | 0.0 | 0.2 | 0.0 | 0.2 |
EPS attributable to shareholders of Julius Baer Group Ltd. (CHF) | 2.20 | 0.04 | 2.24 | 2.78 | 0.08 | 2.86 |
CHF m | H1 2024 | H2 2024 |
IFRS amortisation and impairment of customer relationships | 3.5 | 2.9 |
of which | ||
IWM | 0.6 | 0.2 |
Commerzbank Luxembourg | 0.8 | 0.8 |
Leumi | 0.5 | 0.5 |
Reliance | 1.1 | 1.0 |
KM&P | 0.4 | 0.4 |
Adjusted half-yearly performance
CHF m | H1 2025 | H1 2024 | H2 2024 | vs H1 2024 | vs H2 2024 | H1 2025 in % |
Net interest income | 72 | 223 | 154 | -68% | -53% | 4% |
Net commission and fee income | 1,143 | 1,093 | 1,112 | +5% | +3% | 60% |
Net income from financial instruments measured at FVTPL | 807 | 638 | 644 | +27% | +25% | 42% |
Net credit (losses)/recoveries on financial assets | -130 | -7 | -7 | >+1k% | >+1k% | -7% |
Adjusted other ordinary results | 17 | -2 | 14 | >-1k% | +24% | 1% |
Adjusted operating income | 1,910 | 1,945 | 1,916 | -2% | -0% | 100% |
Adjusted personnel expenses | 937 | 913 | 864 | +3% | +8% | 66% |
Adjusted general expenses | 371 | 366 | 401 | +1% | -7% | 26% |
o/w provisions and losses | 36 | 12 | 32 | +191% | +14% | 3% |
Adjusted depreciation and amortisation | 118 | 114 | 123 | +3% | -5% | 8% |
Adjusted operating expenses | 1,426 | 1,394 | 1,389 | +2% | +3% | 100% |
Adjusted profit before taxes | 484 | 551 | 528 | -12% | -8% | |
Adjusted income taxes | 76 | 91 | -59 | -17% | -228% | |
Adjusted net profit1 | 408 | 460 | 587 | -11% | -31% | |
AuM and NNM | ||||||
Net new money (CHF bn) | 7.9 | 3.7 | 10.4 | +113% | -24% | |
Assets under management (CHF bn) | 482.6 | 473.8 | 497.4 | +2% | -3% | |
Average assets under management (CHF bn) | 490.6 | 457.0 | 476.8 | +7% | +3% | |
Key metrics and ratios | ||||||
Adjusted EPS attributable to shareholders of Julius Baer Group Ltd. (CHF) | 1.98 | 2.24 | 2.86 | -11% | -31% | |
RoTE, adjusted (%) | 20 | 26 | 30 | -6% pt | -11% pt | |
RoCET1, adjusted (%) | 22 | 30 | 34 | -7% pt | -12% pt | |
Adjusted gross margin (bp) | 77.9 | 85.1 | 80.4 | -7.2 bp | -2.5 bp | |
Adjusted expense margin (bp) | 56.7 | 60.5 | 56.9 | -3.8 bp | -0.2 bp | |
Adjusted pre-tax margin (bp) | 19.7 | 24.1 | 22.1 | -4.4 bp | -2.4 bp | |
Adjusted cost/income ratio (%) | 72.8 | 71.0 | 70.8 | +1.7% pt | +2.0% pt | |
Adjusted tax rate (%) | 15.7 | 16.5 | -11.2 | -0.8% pt | +27.0% pt | |
FTEs | ||||||
Staff (FTEs) | 7,335 | 7,484 | 7,595 | -2% | -3% | |
o/w RMs (FTEs) | 1,286 | 1,344 | 1,380 | -4% | -7% | |
Average FTEs | 7,472 | 7,533 | 7,565 | -1% | -1% | |
1 Including adjusted non-controlling interests (H1 2025: +0.0m, H1 2024: CHF +0.0m, H2 2024: CHF +0.2m)
Underlying1 half-yearly performance
CHF m | H1 2025 | H1 2024 | H2 2024 | vs H1 2024 | vs H2 2024 | H1 2025 in % |
Net interest income | 72 | 223 | 154 | -68% | -53% | 4% |
Net commission and fee income | 1,143 | 1,093 | 1,112 | +5% | +3% | 56% |
Net income from financial instruments measured at FVTPL | 807 | 638 | 644 | +27% | +25% | 40% |
Net credit (losses)/recoveries on financial assets | - | -7 | -7 | -100% | -100% | 0% |
Adjusted other ordinary results | 17 | -2 | 14 | >-1k% | +24% | 1% |
Adjusted operating income | 2,040 | 1,945 | 1,916 | +5% | +6% | 100% |
Adjusted personnel expenses | 937 | 913 | 864 | +3% | +8% | 66% |
Adjusted general expenses | 371 | 366 | 401 | +1% | -7% | 26% |
o/w provisions and losses | 36 | 12 | 32 | +191% | +14% | 3% |
Adjusted depreciation and amortisation | 118 | 114 | 123 | +3% | -5% | 8% |
Adjusted operating expenses | 1,426 | 1,394 | 1,389 | +2% | +3% | 100% |
Adjusted profit before taxes | 614 | 551 | 528 | +11% | +16% | |
Adjusted income taxes | 103 | 91 | -59 | +13% | -273% | |
Adjusted net profit2 | 511 | 460 | 587 | +11% | -13% | |
AuM and NNM | ||||||
Net new money (CHF bn) | 7.9 | 3.7 | 10.4 | +113% | -24% | |
Assets under management (CHF bn) | 482.6 | 473.8 | 497.4 | +2% | -3% | |
Average assets under management (CHF bn) | 490.6 | 457.0 | 476.8 | +7% | +3% | |
Key metrics and ratios | ||||||
Adjusted EPS attributable to shareholders of Julius Baer Group Ltd. (CHF) | 2.49 | 2.24 | 2.86 | +11% | -13% | |
RoTE, adjusted (%) | 24 | 26 | 30 | -1% pt | -6% pt | |
RoCET1, adjusted (%) | 28 | 30 | 34 | -2% pt | -6% pt | |
Adjusted gross margin (bp) | 83.2 | 85.1 | 80.4 | -1.9 bp | +2.8 bp | |
Adjusted expense margin (bp) | 56.7 | 60.5 | 56.9 | -3.8 bp | -0.2 bp | |
Adjusted pre-tax margin (bp) | 25.0 | 24.1 | 22.1 | +0.9 bp | +2.9 bp | |
Adjusted cost/income ratio (%) | 68.2 | 71.0 | 70.8 | -2.9% pt | -2.7% pt | |
Adjusted tax rate (%) | 16.7 | 16.5 | -11.2 | +0.2% pt | +28.0% pt | |
FTEs | ||||||
Staff (FTEs) | 7,335 | 7,484 | 7,595 | -2% | -3% | |
o/w RMs (FTEs) | 1,286 | 1,344 | 1,380 | -4% | -7% | |
Average FTEs | 7,472 | 7,533 | 7,565 | -1% | -1% | |
1 Refers to pro forma P&L figures and related KPIs in H1 2025 excluding the net credit losses YTD amounting to CHF 130m (CHF 103m net of tax), primarily related to positions in the mortgage book and the remaining private debt loan book | 2 Including adjusted non-controlling interests (H1 2025: +0.0m, H1 2024: CHF +0.0m, H2 2024: CHF +0.2m)
Underlying2 gross margin -2bp vs H1 2024, +3bp vs H2 2024
Mainly driven by changing contributions from activity-driven income
48
44
44
47
47
8
8
10
10
Other commission
10
and fee income
d
36
37
38
37
37
Recurring
income
c
H1 2023 H2 2023 H1 2024 H2 2024 H1 2025
33
27
28
27
21
21
15
14
16
Treasury swap
income6
b
13
12
14
12
8
11
Other net income from
financial instruments measured at FVTPL
e
H1 2023 H2 2023 H1 2024 H2 2024 H1 2025
17
gross margin 82
1
Underlying
55
Gross margin
78
Gross
margin
bp
9344
21
Underlying2
8527
28
47
48
10
0
0
3
Net interest 80
a
33
47
1
44
income 6
c
d
Net commission and fee income
b
e
21
27
Net income from financial instruments measured at FVTPL
0
0
Other income3
a
b
Interest-driven income5
c
Recurring income
d
e
Activity-driven income5
H1 2023
36
36
20
H2 2023
30
37
15
H1 2024
24
38
24
H2 2024
23
37
20
H1 20252
24
37
22
1 Excludes CHF 586m increase in loan loss allowances against the single largest exposure in private debt | 2 In H1 2025 excluding the net credit losses/recoveries YTD amounting to CHF 130m (CHF 103m net of tax), primarily related to selected positions in the mortgage book and the remaining private debt loan book | 3 Other income not included in the split on the lower left hand side; Other income is the sum of other ordinary results and net credit
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Disclaimer
Julius Bär Gruppe AG published this content on July 22, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 22, 2025 at 05:05 UTC.
